Thousands of Minnesota residents who lost homes over property taxes may now be eligible for compensation, following a landmark U.S. Supreme Court ruling and a resulting $109 million class-action settlement fund.
The case began with Geraldine Tyler, a 94-year-old Minneapolis woman who owed $15,000 in property taxes on her condominium.
Older homeowners living on a fixed income have a higher chance of seeing their finances destabilized by rising costs, and that can be particularly true of something like property taxes.
For homeowners who have either a forward or reverse mortgage on their home, these costs also must be paid in order to keep the loan in good standing.
The housing affordability and inventory crisis across the nation has run into many legislative and logistical challenges at the state and local levels. But lawmakers in the state of Washington have demonstrated their housing priorities by sending a package of 10 bills to the desk of Gov. Bob Ferguson (D).
Mortgage technology provider Sagent has announced a new partnership with LERETA, a company specializing in real estate tax and flood services, to integrate LERETA’s solutions into Sagent’s platform.
The collaboration aims to give mortgage servicers streamlined access to real-time tax data, flood zone determinations, payment processing and automated monitoring through Sagent’s Partner Program.
Property taxes are rising dramatically across the country, and that reality has the potential to hit seniors living on a fixed income hardest of all. On top of that, keeping up with property tax and insurance costs are key requirements to keep any mortgage in good standing, whether it’s a forward or reverse loan.